Word on the street is that two lots on Coxe Avenue sold recently in an area of downtown that’s heating up with new development activity, the so-called South Slope.
About six years ago, the two lots were once promised to be the location of some cool new development. A developer planned to build a 13-story residential condo building called Zona Lofts. But the real estate market crashed and the recession hit. The buildings went into foreclosure proceedings. More background from an Asheville Citizen-Times story from a couple years back:
Public marketing of Zona Lofts began in 2007. A news release said the 13-story building would be “cool, simple, affordable and green.”
Many units were relatively small and priced at less than $150,000, making them among the most affordable in a downtown residential market that was booming at the time.
Zona Lofts was one of several projects begun through a web of companies developer Ron Kagy was involved in that were under the umbrella of a company called Altura Global.
No word yet on what’s planned for the two lots. But the sale comes as development on the South Slope of downtown heats up. A new brewery, Burial Beer Co., is getting set up nearby on Collier Street. Chef Elliott Moss is planning a barbecue restaurant called Buxton Hill on Banks Street. And who knows what else.
I recently wrote about the South Slope changes for the Asheville Citizen-Times here.
Want to see what Banks Street looks like now? Check out this Banks Street photo gallery.
[…] Background on South Slope development here. […]
What is the status for the Ellington — that high rise hotel Grove Park Inn had approval to build on Biltmore Ave? City Council approved the plan, amid tons of controversy, in 2007 but the market crash a year later put those plans on hold. I believe the permit Council approved was for five years meaning it has expired but there has been no coverage of this in the local media that I have seen.
The Ellington is dead as far as I know.